This article was originally published by Barrett and Greene, Inc. featuring Leita Hart-Fanta and her efforts to make all auditors aware of new GAO standards.
2024 Yellow Book
6 Threats to Audit Quality
Discover the 6 threats to audit quality that often go unspoken and how to spot the risks outlined in the GAO Yellow Book.
GAO’s 4 Facets of Inherent Risk
The GAO’s 2024 Yellow Book introduces a fresh focus on assessing risk to audit quality and Section 5.38 outlines four risk factors to consider.
Key Controls
Thank goodness you don’t have to audit every control relevant to your objective, just the KEY controls!
5 Engagement Types Per GAGAS
Under Yellow Book standards, an auditor can perform 1 of 5 engagement types: financial audit, performance audit, examination, review and agreed-upon procedures.
Scope Limitations Render an Auditor Useless
Scope limitations are barriers put up by the auditee to prevent the auditor from finding out the truth and destroy an auditors independence.
Fraud, Waste or Abuse?
Fraud, waste and abuse are all similar with one major difference: CRITERIA! Fraud is the only reportable condition as the other two are subjective and not based in criteria.
3 Roles on an Audit Engagement
GAGAS section 4.10 reminds us professional maturity depends on our ability to tolerate uncertainty and ambiguity. The 3 roles on an audit engagement generally include non-supervisory auditors, supervisory auditors and partners/directors.
6 Quality Objectives for Government Engagements
Chapter 5 of the 2024 Yellow Book specifies 6 engagement quality objectives. Audit teams use these objectives to assess quality risk and design responses to address those risks. Be careful… These objectives overlap quite a bit!
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